Panama has gotten the 12 tax treaties signed which was the minimum required by the OECD in order to be removed from their black list. Will it be enough? Do the treaties compromise Panama's bank privacy laws? These and many other questions go unanswered thus far, but I would expect more light will shine on this subject as Panama demands to be removed from the black list.
La Prensa
Roberto Gonzalez Jimenez
[email protected]
With the closure of negotiations in South Korea and Singapore, Panama has reached twelve agreements to avoid double taxation and exchange of tax information.
Twelve treaties is the minimum required by the Organization for Economic Cooperation and Development (OECD) to remove the country from the list of tax havens, which the government says something will happen in 2011 in the next update of the list.
For that to happen treaties must have been signed by the respective governments.
For now, this procedure has only been surpassed by the agreements reached with Mexico, Barbados and Portugal, signed recently. The other agreements already concluded and signed are not those of France, Italy, Belgium, Spain, Luxembourg, the Netherlands and Qatar.
The Government intends to continue signing such treaties with more countries. Ireland, Czech Republic, Canada, Bulgaria, Hungary, Britain, Cyprus, Germany and Switzerland are some who have shown interest in negotiating with Panama.
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